Top Tips for Protecting Against Credit Card Fraud In Botswana

One cannot afford – literally or figuratively – to underestimate the importance of safeguarding ourselves against credit card fraud, an increasingly prevalent issue in our digital society. By implementing simple yet effective measures, we can significantly reduce the risk of falling prey to fraudsters. 

Here are 8 tips to protect yourself and your finances:

  1. Keep Your Card Safe:

  • Treat your credit card as a valuable possession and keep it secure at all times.

  • Avoid sharing your card information or allowing others to use your card unless necessary.

  • Sign the back of your card immediately upon receiving it.

  1. Guard Your Personal Information:

  • Be cautious about sharing sensitive information like your card number, expiry date, and CVV (card verification value) code.

  • Avoid providing your card details over phone calls or emails unless you initiate the transaction with a reputable and trusted source.

  • Regularly review your financial statements for any unauthorised charges or suspicious activity.

  1. Use Secure Websites and Networks:

  • When making online purchases, ensure the website is secure by looking for the padlock symbol and "https://" in the website address.

  • Be cautious about sharing your card information on public Wi-Fi networks, as they may be vulnerable to hackers. Use a virtual private network (VPN) when accessing sensitive information on public networks.

  1. Be Vigilant with ATMs and Card Readers:

  • Inspect ATMs and card readers for any signs of tampering or skimming devices before using them. If something looks suspicious, report it to the appropriate authorities.

  • Cover the keypad with your hand or body while entering your PIN to prevent anyone from observing it.

  1. Monitor Your Accounts Regularly:

  • Keep a close eye on your credit card and bank accounts by reviewing your statements regularly. Report any unauthorized charges immediately to your financial institution.

  • Utilize the alerts and notifications provided by your bank or credit card issuer to stay informed about any suspicious activity on your accounts.

  1. Use Strong Passwords and Two-Factor Authentication:

  • Create unique, strong passwords for your online accounts, including your credit card accounts.

  • Enable two-factor authentication whenever possible to add an extra layer of security to your accounts.

  1. Be Wary of Phishing Attempts:

  • Be cautious of emails, calls, or messages that request your card information or personal details. Legitimate organizations will not ask you to provide sensitive information via unsolicited means.

  • Verify the authenticity of any communication by contacting the company directly through official channels.

This is a guest article by Letlhogonolo L. Molefhe, Stanbic Bank Botswana Acting Head of Risk.

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